Darryl Chan, Deputy Chief Executive of the Hong Kong Monetary Authority, discussed market developments at the ISDA Derivatives Trading Forum. Hong Kong ranks as the fourth largest global foreign exchange market and the third largest over-the-counter interest rate derivatives market. It hosts the world’s largest offshore RMB interest rate derivatives and FX markets. FX transactions in Hong Kong increased by 9.8% to $694 billion, while RMB-denominated transactions grew by 78% to over $190 billion. RMB interest rate derivatives traded in Hong Kong increased by 15% to $14 billion. Hong Kong aims to align its requirements with international standards, capitalize on opportunities in China’s financial markets, and support China’s climate transition through green and sustainable finance. The city is also modernizing its market infrastructure to support connectivity between Chinese and international bond markets.